Business
PyroGenesis Announces Closing of $1.28 Million Private Placement
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About this update from Pyrogenesis Inc.
[{"type":"text","content":"\n\n\nNot for distribution to U.S. news wire services or dissemination in the\n United States of America\n\n\nMONTREAL, Dec. 23, 2013 /CNW Telbec/ - PyroGenesis Canada Inc.\n (\"PyroGenesis\" or the \"Company\" www.Pyrogensis.com) (TSXV: PYR), an\n environmental solutions company that designs, develops and manufactures\n plasma waste-to-energy systems and plasma torch products, is pleased to\n announce today that it has completed a private placement consisting of\n the issuance and sale of an aggregate of 3,660,000 units of the Company\n (the \"Units\") at a price of $0.35 per Unit, for proceeds of $1,281,000\n to the Company (the \"Private Placement\").\n\n\n\"Given our recent announcements of new contracts, as well as our\n improving cost structure and margins, we felt that adding these funds\n at this time will enable the company to have the working capital needed\n to continue to focus on creating value for our shareholders. We look\n forward to continued business growth in what is shaping up to be a\n stellar 2014. \" said P. Peter Pascali, President & CEO of PyroGenesis\n\n\nEach Unit consisted of one common share of the Company (a \"Common\n Share\") and one Common Share purchase warrant (a \"Warrant\"). Each\n Warrant entitles the holder thereof to purchase one Common Share at a\n price of $0.55 until December 20, 2015. In the event that the volume\n weighted average price of the Common Shares on the TSX Venture Exchange\n (the \"Exchange\") is equal to or greater than $1.00 for a period of\n twenty (20) consecutive trading days, then the exercise period of the\n Warrants will be reduced to 30 days from the first day following such\n 20-day period.\n\n\nThe proceeds from the Private Placement will be used by PyroGenesis for\n general working capital purposes.\n\n\n\"2013 has been a pivotal year for PyroGenesis.  We have managed to\n secure contracts in new market sectors which are geared for significant\n growth.  We have realigned our project management team which resulted\n in increased profit margins while at the same time reducing our fixed\n costs. These accomplishments have instilled confidence within our\n investor base and resulted in securing the private placement announced\n today.\" said Gillian Holcroft, Executive Vice President of PyroGenesis.\n\n\nP. Peter Pascali, the President...